Notice2021-11511
Proposed Collection; Comment Request for Regulation Project
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 2, 2021
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning application procedures for qualified intermediary status under final qualified intermediary withholding agreement.
Full Text
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<title>Federal Register, Volume 86 Issue 104 (Wednesday, June 2, 2021)</title>
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[Federal Register Volume 86, Number 104 (Wednesday, June 2, 2021)]
[Notices]
[Pages 29626-29627]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11511]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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[[Page 29627]]
SUMMARY: The Internal Revenue Service (IRS), as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning application
procedures for qualified intermediary status under final qualified
intermediary withholding agreement.
DATES: Written comments should be received on or before August 2, 2021
to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this form should be directed to Martha R. Brinson, at (202)
317-5753, or at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet at
<a href="/cdn-cgi/l/email-protection#e8a5899a9c8089c6bac6aa9a81869b8786a8819a9bc68f879e"><span class="__cf_email__" data-cfemail="4d002c3f39252c631f630f3f24233e22230d243f3e632a223b">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Application Procedures for Qualified Intermediary Status
Under Section 1441; Final Qualified Intermediary Withholding Agreement.
OMB Number: 1545-1597.
Revenue Procedure Number: 2000-12 (Revenue Procedure 2000-12 is
modified by Announcement 2000-50, Revenue Procedure 2003-64, Revenue
Procedure 2004-21, and Revenue Procedure 2005-77.)
Abstract: This revenue procedure gives guidance for entering into a
withholding agreement with the IRS to be treated as a Qualified
Intermediary (QI) under regulation section 1.1441-1(e)(5). It describes
the application procedures for becoming a QI and the terms that the IRS
will ordinarily require in a QI withholding agreement. The objective of
a QI withholding agreement is to simplify withholding and reporting
obligations with respect to payments of income made to an account
holder through one or more foreign intermediaries.
Current Actions: There are no changes to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 88,504.
Estimated Number of Responses: 1,097,991.
Estimated Time per Respondent: 16 minutes.
** Estimated Time for a QI: 2,093 hours.
Estimated Total Annual Burden Hours: 301,018.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval.
Comments will be of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information has
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on or
other forms of information technology; and (e) estimates of capital or
start-up costs and costs of operation, maintenance, and purchase of
services to provide information.
Approved: May 26, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021-11511 Filed 6-1-21; 8:45 am]
BILLING CODE 4830-01-P
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